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    Question

    In case a company defaults in spending the monies in

    pursuance of its Corporate Social Responsibility Policy than the company shall be liable________________
    A For a penalty of one crore rupees Correct Answer Incorrect Answer
    B For a penalty of twice the amount required to be transferred by the company to the Fund specified in Schedule VII or the Unspent Corporate Social Responsibility Account, as the case may be Correct Answer Incorrect Answer
    C Both (a) and (b) Correct Answer Incorrect Answer
    D Either (a) or (b) whichever is less Correct Answer Incorrect Answer
    E Either (a) or (b) whichever is higher Correct Answer Incorrect Answer

    Solution

    Section 135. Corporate Social Responsibility- (7) If a company is in default in complying with the provisions of sub-section ( 5 ) or sub section ( 6), the company shall be liable to a penalty of twice the amount required to be transferred by the company to the Fund specified in Schedule VII or the Unspent Corporate Social Responsibility Account, as the case may be, or one crore rupees, whichever is less, and every officer of the company who is in default shall be liable to a penalty of onetenth of the amount required to be transferred by the company to such Fund specified in Schedule VII, or the Unspent Corporate Social Responsibility Account, as the case may be, or two lakh rupees, whichever is less.”

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